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SK Innovation shifts into full gear for EV battery biz
TIWN
TIWN
PHOTO : TIWN
Seoul, April 25 (TIWN) SK Innovation, South Korea's refinery-to-battery maker, is back in the driver's seat to propel its electric vehicle battery business with stake sales and a planned listing of its subsidiary as its recent settlement with LG Energy Solution Ltd. cleared prolonged business uncertainties.
The subsidiary of the nation's No. 3 conglomerate, SK Group, reached a $1.8 billion settlement with its bigger home rival LG Energy Solution Ltd to end a two-year legal battle for the EV battery business in the United States.
SK Innovation agreed to pay half in cash to LG Energy through 2022 and pay the rest in royalties starting in 2023.
The long-awaited compromise, which came in just before the April 11 deadline for the U.S. International Trade Commission's 10-year import ban on SK Innovation, cleared the stumbling block for its $2.6 billion factory in Georgia, which was under construction to supply EV batteries to Ford Motor and Volkswagen starting next year.
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